When most people think of mortgages, the first thing that comes to mind is fixed-rate mortgages, states Investopedia. Most borrowers seek fixed-rate mortgages to finance the purchase of a home. At its core, a fixed-rate mortgage is one where the interest rate does not change over the life of the loan. A fixed-interest rate protects borrowers from sudden increases in interest rates that can cause a large rise in monthly mortgage payments.
Other basic mortgage terminology includes adjustable-rate mortgages,